ACC 280 Exercise 5-16 This information relates to Martinez Co.XACC 280 Exercise

ACC 280 Exercise 5-16 This information relates to Martinez Co.XACC 280 Exercise 5-16 This information relates to Martinez Co.XACC 280 E5-16 Martinez Co.Principles of Accounting: Weygandt J. J. Kimmel P. D. & Kieso D. E. (2008). Financial Accounting (6th ed.). Hoboken NJ: Wiley.Axia College of University of Phoenix (UoP)ACC 280 E5-16 TUTORIALXACC 280 E5-16 SOLUTIONExercise 5-16 This information relates to Martinez Co.1. On April 5 purchased merchandise from D. Norlan Company for $20000 terms 2/10 net/30 FOB shipping point.2. On April 6 paid freight costs of $900 on merchandise purchased from D. Norlan Company.3. On April 7 purchased equipment on account for $26000.4. On April 8 returned some of April 5 merchandise to D. Norlan Company which cost $2800.5. On April 15 paid the amount due to D. Norlan Company in full.Instructions(a) Prepare the journal entries to record these transactions on the books of Martinez Co. using a periodic inventory system.(b)
Assume that Martinez Co. paid the balance due to D. Norlan Company on
May 4 instead of April 15. Prepare the journal entry to record this
payment.